Older people 'cutting debt and saving up'

Posted on 29 June 2011

In the face of the uncertain economic outlook, many over-55s have made an effort to cut debt and boost their savings, possibly in order to have ways to pay for care.

Research conducted by Aviva revealed that the average income of over-55s has risen by 0.65 per cent in the past year. However, it is important to note that inflation rose by 4.7 per cent.

Furthermore, 73 per cent of those surveyed admitted they are concerned about the impact of the rising cost of living over the next six months.

Figures show that the age group is making an effort to increase their savings and tackle debt ahead of retirement.

Clive Bolton, 'at retirement' director at Aviva said: "With changes to pensions and the threat of unemployment causing concern among the over-55s, it is encouraging to see a picture emerging of a group showing determination to tackle this by paying down outstanding debts and boosting regular savings."

Meanwhile, Dianne Bown-Wilson, chief executive of In My Prime, explained that it is important that people plan for "health, wealth and happiness" during retirement.

Posted by Toby Mynott

 

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